Fuel price: Labour leaders storm out of meeting with FG – Newstrends
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Fuel price: Labour leaders storm out of meeting with FG

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Labour union leaders on Sunday night staged a walk out of a meeting with representatives of the Federal Government meant to address issues arising from the recently announced increases in fuel price and electricity tariff.

The union leaders expressed disappointment at the manner in which the government treated its negotiations with the unions.

The meeting held at the Presidential Villa Abuja ended barely 10 minutes in disarray after it commenced.

The labour leaders frowned on the decision by government to go ahead to increase fuel price while discussions were still not concluded on the effects of the earlier hike in prices.

President of the Trade Union Congress (TUC), Quadiri Olaleye, who addressed the meeting, described government’s action as a slap on the face of labour and an attempt to blackmail them before the public as compromised people.

Olaleye said, “Government is showing a high level of insincerity in discussions with us and is also putting us at risk with the people we are leading, with the masses. We find it difficult to move freely but the people in government are moving freely.”

Representatives of the Nigeria Labour Congress (NLC), also spoke in the same way, accusing the government of betraying the trust with the labour team.

The walkout came came when the Deputy President of NLC, Joe Ajero, insisted that the issue of the recent increase in fuel price should be put the first on the agenda for discussion but the government team said that it would rather have other issues deliberated before delving into the fuel price increase.

There was a heated argument between the two teams, leading to the walkout by labour.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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